Major cryptocurrencies like Bitcoin and Ethereum have made headlines this year for their tremendous price gains. However, they are not the only cryptocurrencies in existence. Other smaller cryptocurrencies like Ontology are still worth mentioning, which is exactly what we will do in this article.
This article will cover everything you need to know about Ontology and Ontology Gas.
What Is Ontology Gas?
First of all, Ontology is a business based blockchain that is meant for securing identity information and other business information. Basically, businesses can use Ontology to get the benefits of using smart contracts and the blockchain without having to set up their own blockchain. This is a huge resource saver for businesses.
Another feature of Ontology is something called Ontology ID, which allows end users to upload their identification information to the blockchain. The end user is then provided with a token that can be used for online identity verification.
This is what makes Ontology an absolute game changer because it saves developers all the time and resources from developing their own identity verification system.
With that out of the way, Ontology Gas (ONG) is used to pay for transactions on the Ontology blockchain. It is not used for governance or staking.
Governance and staking are both done with the Ontology token (ONT). In fact, the reward for staking Ontology is actually Ontology Gas.
The Use For Ontology Gas
So, as mentioned previously, the use for Ontology Gas (ONG) is to pay for transactions on the Ontology blockchain. The simple way to look at it is that Ontology Gas is used the same way as Ether on the Ethereum blockchain – paying for transactions and the execution of smart contracts.
The other purpose, and likely bigger purpose in our opinion, is that Ontology is used as an investment and store of value. That tends to be the case with most cryptocurrencies. They have their use for a specific purpose, but the vast majority of people purchasing the coin are doing it for investment rather than using it for its intended purpose.
How To Earn Ontology Gas By Staking
Receiving Ontology Gas (ONG) is not all that difficult. You can do so with any wallet that supports Ontology token (ONT) and Ontology Gas (ONG).
For that, you have a few options. Our recommendation is to simply use the official Ontology wallet, which is available on mobile devices (Android and iOS) and desktops (Mac, Windows, Linux):
Ontology is also compatible with the Exodus wallet, but we really recommend using Ontology’s native wallet.
Anyway, the staking rewards are actually decent with Ontology. You can expect about 4% of the total amount of ONT that you stake, which is actually pretty decent for staking rewards.
Where To Buy Ontology Gas
Ontology Gas (ONG) is available on a lot of different exchanges – it is a top 200 cryptocurrency by market cap, so it is not a lot of the popular exchanges. However, our recommended exchange for purchasing ONG is Binance.
Binance is the world’s largest cryptocurrency exchange and the fees charged on the exchange are not that high, so that’s the exchange we recommend. Just make sure that you use Binance Coin (BNB) if you want the absolute lowest fees when purchasing ONG.
The tokenomics of Ontology Gas are actually pretty decent. Here are the important token metrics to know before investment:
Market Cap: $160 million
Token Price: $0.47/ONG
Circulating Supply: ~277 million
Max Supply: Infinite
All Time High: ~$2.70 (September 2018)
24 Hour Trading Volume: ~$10 million
Is Ontology Gas a Good Investment?
Yes, Ontology Gas is a decent investment for a smallish cap cryptocurrency. You probably should not put all your money into this token, but it’s worth keeping a small amount of money in small cap cryptocurrencies like Ontology.
The all time high stands at nearly $3.00, which is much higher than the current price of about $0.50. This means that there is a lot of room for the price to increase in the future.
To further that point, the project does have some real world use. Alibaba uses it for identity verification and a few startups also use it. But really this is the type of technology that might be a little early to realize before it reaches its full potential.
With that in mind, Ontolog is almost certainly the type of technology that will be a cornerstone of the internet within the next decade as blockchain technology slowly works its way into more and more companies.
That sums it up for Ontology. This is another interesting blockchain project that has all the technology for success, but it is just a few years ahead of its time, which makes it a great long term investment.
Could Ontology fail?
Sure, anything is possible. But we would recommend giving it a few more years before writing the project off. It does some great things for companies looking to dabble in the blockchain.